(1) Where the Registrar has made an order under section 72 for the winding up of a co-operative society, he may appoint a person to be a liquidator for the purpose and, if necessary, fix his remuneration.
(2) A liquidator shall on appointment, take into his custody or under his control all the property, effects and actionable claims to which the society is or appears to be entitled and shall take such steps as he may deem necessary or expedient, to prevent loss or deterioration of, or damage to, such property, effects and claims. The liquidator shall keep full accounts of all such property, effects and actionable claims and be responsible for their safe custody.
(3) Where an appeal is preferred under section 98 against an order of winding up of a co-operative society passed under section 72, the further winding up proceedings shall be stayed by the liquidator until the order is confirmed in appeal ;
Provided that the liquidator shall continue to have custody or control of the property, effects and actionable claims mentioned in sub-section (2) and have authority to take the steps referred to in that sub-section.
(4) Where an order winding up a co-operative society is set aside in appeal, the property, effects and actionable claims of the society shall re-vest in the society.